Dailymirror.news,Mumbai, January 24th, 2025:ICICI Prudential Life Insurance has shown impressive growth for the first nine months of FY2025, with an 18.3% year-on-year increase in Profit After Tax (PAT), reaching ₹803 crore.

The Value of New Business (VNB) also saw a growth of 8.5%, totaling ₹1,575 crore, and the VNB margin stood at 22.8%. The total Annualised Premium Equivalent (APE) increased by 27.2%, driven by a 14.4% rise in the number of policies sold during the period.

A significant contributor to this growth was the annuity business, where APE surged by 81.7% to ₹616 crore, while the retail protection business APE rose by 24.2% to ₹426 crore. Notably, retail protection saw a remarkable 40.0% growth in Q3-FY2025.

The retail New Business Sum Assured (NBSA) grew by 39.2% to ₹2.28 lakh crore, and the total in-force sum assured, representing the total life cover taken by the Company’s customers, rose by 17.0% to ₹37.78 lakh crore.

The Company boasts a diversified distribution network across various platforms to cater to different customer segments. As of 9M-FY2025, APE contributions from agency, direct, bancassurance, partnership distribution, and group channels were 30.2%, 15.3%, 27.7%, 10.1%, and 16.7%, respectively.

ICICI Prudential Life’s assets under management (AUM) stood at ₹3.10 lakh crore as of December 31, 2024. The Company maintains a zero Non-Performing Assets (NPA) record and has successfully raised additional capital of ₹1,400 crore through non-convertible debentures, further strengthening its solvency ratio, which stood at an impressive 211.8%, well above the regulatory requirement of 150%.

The Company’s commitment to sustainability remains central to its mission. It continues to be India’s highest-rated insurer, holding an ‘AA’ rating from MSCI, making it one of the top-rated life insurers in India.

Mr. Anup Bagchi, MD & CEO of ICICI Prudential Life Insurance, commented, “Our focus on aligning with customer demand has allowed us to outperform industry premium growth for five consecutive quarters.

In 9M-FY2025, we achieved a 31.4% year-on-year growth in Retail Weighted Received Premium (RWRP), underpinned by a 14.4% increase in the number of policies sold. Our VNB grew by 8.5%, reflecting the increasing profitability of our business.”

The Company continues to innovate its product offerings to meet evolving customer needs. Recently launched products include ‘ICICI Pru Wish,’ a health plan exclusively designed for women, and the ‘ICICI Pru Guaranteed Pension Plan Flexi,’ which features an ‘Increasing Income’ option to help customers manage inflation.

ICICI Prudential Life maintains strong customer trust, demonstrated by a 13th-month persistency ratio of around 90% and an impressive 99.3% claim settlement ratio for 9M-FY2025, with a rapid average turnaround time of 1.2 days for non-investigated individual claims.

With a focus on balancing business growth, profitability, and prudence, the Company is committed to delivering sustainable VNB growth while fulfilling its promise to customers and their families.

About ICICI Prudential Life Insurance: ICICI Prudential Life Insurance, a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, has been a leading player in India’s private sector life insurance market since 2001.

The Company offers a range of protection and savings products that address the varied needs of customers at different life stages. ICICI Prudential Life also provides a seamless, paperless digital platform, empowering customers with self-service options, digital payments, and hassle-free claim settlements.

The Company’s innovative ICICI Pru Stack platform enhances its understanding of customer requirements and enables distributors to offer tailored insurance solutions. With an AUM of ₹3.10 lakh crore and over 9.5 crore lives covered, ICICI Prudential Life continues to be a leader in the Indian life insurance market, offering robust and customer-centric solutions.